AbbVie (ABBV) Stock Rating Lowered by Zacks Investment Research

AbbVie (NYSE:ABBV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.

According to Zacks, “AbbVie’s key drug Humira has been performing well based on strong demand trends for the drug, despite new competition. Moreover, Imbruvica has multibillion dollar potential and AbbVie is exploring the possibility of label expansion into solid tumors and autoimmune diseases. AbbVie’s shares outperformed the industry in the past one year supported by a series of positive news including promising data from several pivotal studies, regulatory approvals in the U.S., Europe, and Japan for its competitive HCV medicine Mavyret and FDA approval for the sixth indication for Imbrivica and settlement of its Humira patent disputes with Amgen. Also, several pivotal data readouts and regulatory milestones are expected in 2018. However, HCV sales continue to be hurt by intensifying competition. Estimates have gone up slightly ahead of the Q4 earnings release. AbbVie has a positive record of earnings surprises in the recent quarters.”

A number of other analysts also recently commented on the stock. Jefferies Group boosted their target price on shares of AbbVie from $107.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, October 16th. BMO Capital Markets set a $66.00 target price on shares of AbbVie and gave the stock a “hold” rating in a report on Friday, October 27th. BidaskClub upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 11th. Piper Jaffray Companies boosted their target price on shares of AbbVie to $115.00 and gave the stock an “overweight” rating in a report on Friday, October 27th. Finally, SunTrust Banks reiterated a “buy” rating on shares of AbbVie in a report on Monday, October 30th. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $101.38.

AbbVie (NYSE ABBV) traded up $1.85 during midday trading on Monday, hitting $106.49. 4,522,302 shares of the company were exchanged, compared to its average volume of 4,530,000. The company has a debt-to-equity ratio of 5.08, a current ratio of 1.45 and a quick ratio of 1.32. AbbVie has a twelve month low of $59.27 and a twelve month high of $106.54. The company has a market cap of $169,760.00, a P/E ratio of 25.85, a P/E/G ratio of 1.22 and a beta of 1.53.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, October 27th. The company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. AbbVie had a net margin of 24.38% and a return on equity of 153.80%. The business had revenue of $7 billion for the quarter, compared to the consensus estimate of $7 billion. During the same period in the previous year, the firm earned $1.21 EPS. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. analysts forecast that AbbVie will post 5.56 EPS for the current year.

In other news, SVP Timothy J. Richmond sold 87,040 shares of the business’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $98.45, for a total transaction of $8,569,088.00. Following the sale, the senior vice president now owns 113,118 shares in the company, valued at $11,136,467.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 218,193 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $94.01, for a total transaction of $20,512,323.93. Following the sale, the chairman now owns 492,030 shares in the company, valued at approximately $46,255,740.30. The disclosure for this sale can be found here. Insiders have sold 494,676 shares of company stock worth $47,237,938 in the last 90 days. 0.23% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Savant Capital LLC grew its position in AbbVie by 1.3% during the second quarter. Savant Capital LLC now owns 61,132 shares of the company’s stock valued at $4,433,000 after purchasing an additional 793 shares in the last quarter. Princeton Capital Management Inc. purchased a new position in AbbVie during the second quarter valued at approximately $1,394,000. Palisade Asset Management LLC grew its position in AbbVie by 17.9% during the second quarter. Palisade Asset Management LLC now owns 68,311 shares of the company’s stock valued at $4,953,000 after purchasing an additional 10,381 shares in the last quarter. Beaton Management Co. Inc. purchased a new position in AbbVie during the second quarter valued at approximately $528,000. Finally, Greatmark Investment Partners Inc. grew its position in AbbVie by 3.7% during the second quarter. Greatmark Investment Partners Inc. now owns 35,178 shares of the company’s stock valued at $2,551,000 after purchasing an additional 1,242 shares in the last quarter. 69.22% of the stock is currently owned by hedge funds and other institutional investors.

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AbbVie Company Profile

AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.

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